Impact of Project Management Adoption as Enabler for Successful Financial Technology Performance: A Case of Mobile Banking Application in Kenya

Abstract

The phenomenon of financial technology (FinTech) innovation, particularly mobile banking, has brought positive changes to the banking industry by enhancing access to services, speed, and customer orientation. However, such technologies, even if properly designed, are not successfully used in all circumstances, especially concerning complex ones that require management. This study investigates the effects of project management practices on the performance of mobile banking applications in the financial technology industry in Kenya. It focuses on the extent to which project management improves effectiveness, security, and customer satisfaction, and the ambiguity surrounding the influence of project management frameworks on the implementation of FinTech projects. Evidence from existing literature suggests, that the absence of progression in the operation of mobile banking is largely attributed to poor project management processes with the absence of appropriate structures such as agile or PRINCE2 as reasons why there is stagnant growth. Appropriate project management practices enhance mobile banking applications by optimizing resource utilization, managing risks, and integrating user feedback, thereby enhancing the reliability, security, and usability of the apps. The results reveal that the enhancement of mobile banking services through efficient project management approaches will offer useful recommendations for the developers, financial service providers and policymakers. Of these, the findings highlight the issue of using project management in FinTech projects for better achievement of user needs, compliance, and reasonable rate of novelty.